NOTE RECEIVABLE, RELATED PARTY, NET
|12 Months Ended|
Apr. 30, 2022
|Note Receivable Related Party Net|
|NOTE RECEIVABLE, RELATED PARTY, NET||
4. NOTE RECEIVABLE, RELATED PARTY, NET
On April 30, 2019, the Company and Ault Life Science Fund, LLC (“ALSF”), a related party, entered into a securities purchase agreement for the purchase of 15,000,000, or $1.50 per share with warrants with a -year life and an exercise price of $ per share and vesting upon issuance. The total purchase price of $15,000,000 was in the form of a non-interest bearing note receivable with a 12-month term from ALSF. In November 2019, the term of the note receivable was extended to December 31, 2021, and in May 2021, the term of the note receivable was extended to December 31, 2023. The note is secured by a pledge of the purchased shares. As the note receivable from ALSF is related to the issuance of common stock, it is recorded as an offset to additional paid-in capital. At April 30, 2022 and 2021, the outstanding balance of the note receivable was $14,883,295.shares of the Company’s common stock for a total purchase price of $
The element represents mortgage note receivable from related party text block.
No definition available.